Looking At Oil Royalties For Sale – Is It A Safe Industry?
March 7, 2018
Occupational safety is an important topic in the United States, especially in manual labor industries where accidents are more likely to occur. While job safety in the natural resources industry may not directly concern owners of gas and oil royalties, it is good for those with oil and gas royalties for sale to know that overall, it is a safe industry.
If you are thinking of investing in or have gas and oil royalties for sale, you can rest assured that in comparison to most industries, the mining of natural resources has become safer than it has ever been.
Improving Safety Throughout the Years
Unfortunately, accidents happen whether they involve the oil and gas industry, or any other business. If you are an owner of gas and oil royalties for sale, you have surely noted over the years a number of serious accidents in the natural resources industry. Thankfully, these accident incidents have been very small.
As costly as some of these events have been, the good news is that the industry has learned from them, using the experience to improve safety standards and protocols to prevent other similar accidents.
If you are buying or selling gas and oil royalties, you should know that safety is a prime concern within the industry, which is highly regulated by OSHA and other safety organizations.
Natural Resource Mining Among the Safest Industries
In spite of rare incidents that seem to take over the media when they occur and make accidents seem like the norm rather than the exception, accidents in the oil and gas industry are few. If you're an owner of or purchasing oil and gas royalties for sale, you should be pleased to know the entire mining sector is the safest of all non-technical or financial industry classifications.
Growing focus on occupational safety and a greater understanding of keeping oilrigs, drill sites, and other worksites safe has dramatically increased industry safety in the last few decades. Studies on safety in the industry even prove that the incidence of events has steadily decreased since 1990 to the point that the mining industry is now one of the safest.
OSHA Rates Mining As A Lower Incident Industry
According to OSHA, the mining industry sector under which the oil and gas industries fall, had a Total Recordable Incident Rate (TRIR) of 2.1, with a case rating (number of injuries sustained) of 16.6 thousand in 2011. This rate is the reported number of safety incidents resulting in injury, no matter how minor or significant, per 100 full-time employees.
While this may seem like a high number, when compared to other industries the actual degree of safety within this sector becomes apparent. The only industries rated safer are reported to be Finance and Insurance, Professional and Technical, Management Services, IT, and Educational Services.
Other Industries Have Higher Incident Rates
If you own or are acquiring gas and oil royalties, you may find it interesting to note that many other seemingly safe industries have higher TRIR ratings. Among them, Waste Services rate at 2.6, Real Estate and Rental Services at 2.9, and Wholesale Trade at 3.3.
The most unsafe businesses are Agriculture and Forestry at 5.2, Transportation and Warehousing at 4.8, and Healthcare and Social Services at 4.7. Among the group of 20 industry classifications, natural resources industries are considerably safer than almost all the others.
It is important if you have oil royalties for sale, are purchasing these commodities, or are just a member of the general public to realize that natural resource industries are safer than many may think and are becoming safer every day. This is essential in an industry that is continually growing as more owners choose to sell their gas and oil royalties to serve the growing demand for these resources.
If you have oil and gas royalties for sale or are thinking of them as an investment, rest assured you are taking part in a safety-conscious industry that is leading the way in workplace safety innovation!
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